El Salvaror’s President Nayib Bukele has offered to swap 252 Venezuelans deported to his country for “political prisoners” held by Venezuela.

Bukele has agreed to hold deportees from the US in a maximum-security prison known as CECOT in exchange for payment – currently reported at around $6 million and growing. The Trump administration on March 15 sent 261 suspected illegal alien gang members to CECOT under the Alien Enemies Act of 1798, and has sent roughly 30 more since then, according to Secretary of State Marco Rubio.

The Trump administration alleges that the deported Venezuelan illegals belong to criminal gangs, including Tren de Aragua, which he deemed a terrorist organization earlier this year.

On Sunday, Bukele wrote on X that the 252 Venezuelans could be sent to Venezuela in exchange for the same number of “political prisoners” held by the Maduro government under a “humanitarian agreement.”

“Your political prisoners haven’t committed any crime,” he wrote.

“Mr. Nicolas Maduro, you have said on numerous occasions that you want the Venezuelans back and free,” reads the post. “Unlike you, who have political prisoners, we don’t have political prisoners. All the Venezuelans we have in custody were detained as part of an operation against gangs like the Tren de Aragua in the United States.

“Unlike our detainees, many of whom have committed murder, others have committed rape, and some have even been arrested multiple times before being deported, your political prisoners have committed no crime. The only reason they are imprisoned is because they opposed you and your electoral fraud.

“I want to propose a humanitarian agreement that includes the repatriation of 100% of the 252 Venezuelans who were deported, in exchange for the release and delivery of an identical number (252) of the thousands of political prisoners that you hold,” Bukele continued (translated).

If Maduro accepts the deal, it could ease political pressure on the Trump administration, which has been accused of denying due process to illegals and was temporarily blocked by the Supreme Court on Saturday from further deportations under the 18th century law.

The proposal comes after US Democrats dropped everything to demand the return of a ‘wrongly deported’ El Salvadoran national living in the US illegally, Kilmar Abrego Garcia. 

Garcia, whose wife issued a restraining order for domestic violence, was issued a deportation order and was later given a “withholding of removal” status due to danger he faced from a ‘rival gang’ if he returned to El Salvador.

Last week, Sen. Chris Van Hollen (D-MD) visited Abrego Garcia in El Salvador after Bukele refused to cooperate with an order by the US Supreme Court instructing the Trump administration to “facilitate” the return of Abrego Garcia.

According to Venezuelan rights group Foro Penal, there are 903 political prisoners being held by Maduro, including protesters and opposition leaders. Among the political prisoners Bukele mentioned is the son-in-law of former diplomat Edmundo González, who ran against Maduro and is considered by some allies of Washington to have won the election. Also being held by Maduro are journalist Roland Carreño, and the mother of opposition leader María Corina Machado.

Authored by Charles Kennedy via OilPrice.com,

• The U.S. is introducing fees on operators of China-built vessels calling at U.S. ports.

• These fees could reach up to $5.2 million per call for large supertankers.

• The U.S. Trade Representative states the move aims to address Chinese dominance and bolster the U.S. shipbuilding industry.

The U.S. move to penalize China-built and China-owned vessels calling at U.S. ports could lead to an oil supertanker made in China and operated by a Chinese company facing a fee of up to $5.2 million per call at a U.S. port, shipbrokers have estimated.

The U.S. last week announced fees on vessel owners and operators of China based on net tonnage per U.S. voyage. 

The previous proposal was a per-port-entry fee of up to $1.5 million on Chinese-built vessels, and up to a $1 million per-port-entry fee on any vessel (Chinese-built or non-Chinese-built) for operators that have any Chinese-built vessels in their fleet or orderbook.

Now, the Office of the United States Trade Representative (USTR) plans to impose fees on operators of Chinese-built ships based on net tonnage or containers, increasing incrementally over the following years.

Commenting on the new USTR move, U.S. Trade Representative Jamieson Greer said, “Ships and shipping are vital to American economic security and the free flow of commerce.”

“The Trump administration’s actions will begin to reverse Chinese dominance, address threats to the U.S. supply chain, and send a demand signal for U.S.-built ships,” Greer added.

Under the new plan, the fee on a China-made China-operated supertanker could reach up to $5.2 million per call because of the large tonnage of the supertankers compared to smaller oil tankers, according to the research arm of Arrow Shipbroking Group cited by Bloomberg.

The previous per-call only fee would have charged up to $3.5 million for a tanker to call at a U.S. port.

Oil traders have already started to avoid hiring tankers built in China amid concerns that port fees could be coming for Chinese vessels at U.S. ports as part of a plan by President Donald Trump to revitalize the American shipbuilding industry. 

Oil traders and charterers that are booking vessels to call, load, or discharge cargoes at U.S. ports are seeking vessels not built in China, market sources told Bloomberg earlier this month.

Just weeks after Wedbush Securities analyst Dan Ives slashed his Tesla price target by 43%, citing a brand crisis fueled by CEO Elon Musk’s involvement with DOGE, he’s back with another warning about a “code red” moment for the most American-made car brand—one day before its first-quarter earnings on Tuesday. 

“Musk needs to leave the government, take a major step back on DOGE, and get back to being CEO of Tesla full-time,” Ives penned in a note to clients on Sunday. 

He said, “Tesla is Musk and Musk is Tesla….and anyone that thinks the brand damage Musk has inflicted is not a real thing, spend some time speaking to car buyers in the US, Europe, and Asia. You will think differently after those discussions.”

Two weeks ago, Ives, whose analyst rating on the stock remains “Buy” rated, slashed his price target to $315, down from $550. He explained, “Tesla has essentially become a political symbol globally, adding, “It is time for Musk to step up, read the room, and be a leader in this time of uncertainty.”

According to the analyst, Tesla faces “potentially 15%-20% permanent demand destruction for future Tesla buyers due to the brand damage Musk has created with DOGE. “ Yet we must point out that the Tesla protests were small-scale and funded by corrupt NGOs connected with rogue billionaires and the Democratic Party. 

The good news for Ives is that Musk is a special government employee with DOGE, a temporary federal employee who can only work 130 days a year. There are ways around extending SGE time, but a recent report from Bloomberg, citing people familiar with the matter, said Musk is expected to step back from his hole once the 130 days lapse. 

Ives remained bullish on Tesla, calling the brand one of the “most disruptive technology companies on the globe over the coming years.” Yet he said Tesla needs its “most important asset”: Musk. 

On Tuesday, Tesla will announce its earnings for the first quarter. From a delivery perspective, we already have a good idea about weak sales—that’s because it releases delivery numbers for the quarter several weeks before it releases its full results. 

At the start of April, Tesla reported 330,000 vehicle deliveries in the first quarter, missing Goldman, JPM, Morgan Stanley, and UBS’ estimates of between 351,000 and 375,000. 

Tesla shares have been halved since their record high on Dec. 17.

As of the latest Wall Street consensus (data via Bloomberg), 54.1% of analysts covering Tesla maintain a “Buy” rating, 24.6% rate the stock as “Hold,” and 21.3% assign a “Sell” rating.

Ives concluded, “We view this as a fork in the road time: if Musk leaves the White House there will be permanent brand damage, but Tesla will have its most important asset and strategic thinker back as full time CEO,” adding, “If Musk chooses to stay with the Trump White House, it could change the future of Tesla/brand damage will grow.” 

On the same day Pope Francis—known for his inclusive beliefs—passed away, another globalist fell: Klaus Schwab, the architect of the World Economic Forum’s dystopian agenda, announced he was stepping down from the WEF board. It marks the end of an era for Schwab, who championed radical wokeness, bug eating, mass vaccination campaigns, population control, and climate de-growth policies through what often resembled digital communism—social credit scores, central bank digital currencies, and many more China-like policies. Meanwhile, cultural shifts across the Americas signal a rising movement toward traditional values, sending the WEF’s ideological woke grip on governments, non-government organizations, corporations, the church, and society into disarray. 

“Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab wrote in a statement. 

Schwab stepped down as executive chairman one year ago (read: here), with former Norwegian Foreign Minister Borge Brende taking over daily operations. WEF said Vice Chairman Peter Brabeck-Letmathe was appointed board chairman in the interim and that a search committee for replacement had been appointed.

WEF stated: 

“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical. The Board of Trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress. Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.” 

Might recognize some of the WEF’s board members…

Schwab’s resignation also comes three months after President Trump told globalist CEOs at the WEF’s 2025 Annual Meeting in Davos, Switzerland, “America is back.” It also follows Trump and Elon Musk’s DOGE initiative, which nuked USAID programs that funneled billions of taxpayer dollars into corrupt NGOs.

🚨Trump tells Davos that DEI is abolished, and meritocracy is back in the US govt:

“My administration has taken action to abolish all discriminatory diversity, equity and inclusion nonsense.”

“America will once again become a merit-based country.”

It is “official policy of the… pic.twitter.com/6AWHkAIxQv

— Western Lensman (@WesternLensman) January 23, 2025

Last month, Eric Weinstein made some very interesting comments at ARC 2025, indicating:

The post-World War II order has fallen. JD Vance has announced this – I personally think it’s very important that the US treat its friends in Europe very very well and it should be done in a fashion that lets people know that the US will be there for the long haul. I am sure that that is in the cards, but we have to realize that we are waking up from a very long period of time which I’ve called the “Great Nap”...

Did Trump’s MAGA derail Schwab’s ‘Great Reset’ plans?

Klaus Schwab now admits that we’re seeing a political revolution against his Great Reset plans.

Whether you want to believe it or not, he’s finished. He might still be standing, but he’s done.

He took his shot, went all in, and he was denied…

By us.pic.twitter.com/ofK0BJJrzl

— Matt Gubba (@MattGubba) January 11, 2024

Looks like it. But globalists will rebrand. So stay tuned. 

*  *  *

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Kilmar Abrego Garcia, an illegal immigrant who was deported to El Salvador by the Trump administration, has been transferred from the country’s maximum-security prison to a detention facility, where he now has his own room, according to an April 20 court filing by the U.S. State Department.

Abrego Garcia, a Salvadoran native, illegally entered the United States in 2011 and was living in Maryland. He was arrested and deported to El Salvador in March for allegedly being a member of the MS-13 gang, a U.S.-designated terrorist organization, despite an immigration judge having issued a withholding of removal—which legally barred his deportation to his home country—in 2019 due to concerns for his safety.

The department said Abrego Garcia was transferred from El Salvador’s Terrorism Confinement Center (CECOT) to a facility in Santa Ana eight days before he met with U.S. Sen. Chris Van Hollen (D-Md.) on April 17 during the senator’s visit to the country.

“Abrego Garcia told Sen. Van Hollen that he had been placed in the administrative building of Centro Industrial, in a room of his own with a bed and furniture, and that he was not in a cell,” Michael Kozak, a senior official at the State Department’s Bureau of Western Hemisphere Affairs, said in the filing.

Van Hollen traveled to El Salvador last week to visit Abrego Garcia after Salvadoran President Nayib Bukele said the man would not be returned to the United States.

The U.S. Supreme Court has ordered the Trump administration to facilitate his return to the United States after it acknowledged that he was deported following an administrative error.

The administration has said that it lacked the authority to return Abrego Garcia from El Salvador as he was already in the custody of a foreign nation.

Speaking to reporters on April 16, Van Hollen said the Salvadoran government initially denied him a visit or phone call with Abrego Garcia after meeting with the country’s Vice President Félix Ulloa. That visit occurred the following day when Salvadoran officials transported the man to the hotel where Van Hollen was staying.

The senator has accused the Trump administration of defying court orders.

“When you defy court orders and deny one man his Constitutional rights, you threaten them for ALL,” Van Hollen stated on social media, adding that there was no evidence linking Abrego Garcia to the MS-13 gang.

The White House did not respond to a request for comment by publication time.

President Donald Trump has criticized Democrats whom he said were falsely portraying Abrego Garcia as an innocent person, saying that two courts have found him to be a member of “the violent, killer gang MS-13.”

“Those lying to the American People on behalf of violent criminals have to be held responsible by the Agencies and the Courts,” Trump stated in a Truth Social post on Sunday.

U.S. President Donald Trump greets Salvadoran President Nayib Bukele at the White House on April 14, 2025. Madalina Vasiliu/The Epoch Times

On April 18, the Department of Homeland Security (DHS) released documents detailing Abrego Garcia’s past encounters with law enforcement.

According to the documents, Abrego Garcia was pulled over in Tennessee for speeding while carrying eight other individuals in a vehicle belonging to his employer in December 2022.

No luggage was found in the vehicle. DHS Assistant Secretary Tricia McLaughlin said the group’s three-day travel from Texas to Maryland “reek of human trafficking.”

“We hear far too much about the gang members and criminals’ false sob stories and not enough about their victims,” McLaughlin said in a statement. Abrego Garcia was not charged in the incident.

In 2019, Abrego Garcia was identified by the Prince George’s County Police Department’s gang unit as a member of the MS-13 gang. He was later granted withholding of removal by an immigration judge, according to the DHS.

With most global markets still closed for Easter holiday, US equity futures start the week sharply lower while the dollar and Treasuries plunge (10s and 30s are 8bp and 10bps higher as the yield curve twists steeper) as traders reacted to the possibility that Trump will try to remove Powell. As of 8:00am ET, S&P futures are down 1.3% and Nasdaq futures slide 1.5% with Mag7 names under pressure with INTC/NFLX among the bright spots in TMT. European stock markets were largely still shut for a public holiday. The dollar is set up to have its worst day in 2 weeks, plunging to a 15 month low, and sending precious metals soaring: gold was above $3400 at last check. Energy is weaker, Ags/base metals are higher. There is also trouble in trade deal  land with Japan pushing back on US demands for its trade deal, while China warns trading partners against mistreatment in any deal made with the US. It’s a quiet day with just the Leading index on today’s calendar (10am); Fed’s Goolsbee speaks at 8:30am.

In premarket trading, the Mag 7 are lower, with Tesla the top decliner: TSLA plunged 4% after Wedbush analyst and a Tesla bull Dan Ives warns of a “code red” moment ahead of first-quarter earnings (the rest are also hurting NVDA -3.1%, META -1.3%, AAPL -2%, AMZN -1.7%, GOOGL -1.3% and MSFT -0.9%). Netflix climbed 2.4% after the streaming giant reported record profit to start the year, allaying concerns of a slowdown or fears the streaming leader might be hurt by growing economic uncertainty. Here are some other notable movers:

• Capital One Financial Corp. (COF) rises 2.7% after receiving approval from US regulators to buy Discover Financial Services, a deal that creates the nation’s biggest credit-card issuer by loan volume. Discover (DFS) gains 5%.
• Salesforce (CRM) declines 1.5% after D.A. Davidson downgraded the software company, saying it’s neglecting its core business to pursue a “premature” AI opportunity.
• Spotify (SPOT) climbs 1% after Wolfe Research upgraded its rating, saying there “multiple paths to improved monetization.”
• Taiwan Semiconductor ADRs (TSM) drop 1.9% after the company listed challenges of ensuring export control compliance.

Trump, rightfully frustrated that the central bank hasn’t moved to lower interest rates as even BofA’s Michael Hartnett noted over the weekend… 

Fed cut 50bps in Sept when stock market at record high, Atlanta Fed was forecasting +3% US GDP growth; Fed now determined not to cut rates after 20% market plunge, Atlanta Fed forecasting -3% GDP growth

… posted on social media last week that Powell’s “termination cannot come fast enough!” and on Friday, Trump top economic advisor Kevin Hassett said the president is studying whether he’s able to fire Powell.

Rebuking the Fed undermines the principle of central bank independence and risks politicizing US monetary policy in a way that markets will find deeply unsettling, said Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp. “Frankly, firing Powell stretches belief,” said Wong. “If the credibility of the Fed is called into question, it could severely erode confidence in the dollar.” 

Trump would put the credibility of the dollar on the line and destabilize the US economy if he fired Powell, French Finance Minister Eric Lombard warned. Fed Chicago President Austan Goolsbee warned against efforts to curtail the central bank’s independence. “There’s virtual unanimity among economists that monetary independence from political interference, that the Fed or any central bank be able to do the job that it needs to do, is really important,” Goolsbee said on CBS’s Face the Nation on Sunday.

In a sign that investors are rotating investments away from the US, Deutsche Bank AG said that Chinese clients have reduced some of their Treasuries holdings in favor of European debt. European high-quality bonds, Japanese government bonds and gold are likely to be the potential choices for investors as alternatives to Treasuries, said Lillian Tao, head of China macro and global emerging market sales at the bank.

In tariff news, China’s largest shipping line, Cosco Shipping, said the US plans to impose levies on Chinese vessels docking at US ports would erode stability in global trade and supply chains. China has vowed to use its big market to help companies cope with “external shocks.” Japan’s ruling Liberal Democratic Party is said to be set to make an emergency proposal in the wake of the US tariffs, urging the government to strengthen loan support for companies and boost domestic demand.

In FX, the Bloomberg Dollar Spot Index slid 0.8% on Monday to a 9 month low, its worst day in 2 weeks. Every Group-of-10 currency gained against the greenback. The jump in the yen weighed on stock indexes in Japan, pushing the Nikkei 225 down 1.3%. The yen, euro and Swiss franc rallied. Brent fell as much as 2% to below $67 a barrel.

In rates, the Treasury yield curve steepened  with two-year notes rallying as longer maturities tumbled. That suggests investors are betting on the chance of interest rate cuts and reflecting concerns over long-term US assets. The Treasury curve pivots around a near unchanged 5-year sector, with the twist steepening move widening 2s10s, 5s30s spreads by 6.5bp and 6bp on the day, adding to Thursday’s steepening momentum. US 10-year yields trade around 4.40%, cheaper by 8bp vs. Thursday close. According to Bloomberg, price action continues around a narrative of declining dollar and US stock futures amid continued concerns that President Donald Trump will fire Federal Reserve Chairman Jerome Powell. Added premium for Fed cuts seen in front-end, where swaps now price around 90bp of easing for the year vs. 85bp priced last week. European markets also shut for Easter Monday.  Treasury auctions resume Tuesday with $69 billion 2-year notes, followed by $70 billion 5-year and $44 billion 7-year Wednesday and Thursday.

In commodities, oil retreated as traders fretted over the impact of the US-led trade war on energy demand, while sings of progress in talks between Washington and Tehran eased concerns about supplies from Iran. WTI crude traded down 2.4% to $62.50, erasing much of Friday’s gain. Meanwhile gold continues to print record highs, rising above $3400 amid collapsing confidence in fiat currencies.

But while gold’s surge was to be expected, the most notable move overnight is that bitcoin finally snapped higher, breaking its recent correlation with the dollar (and inverse correlation with the yen due to its carry trade funding), and surged above $87,000, suggesting a sharp move higher in bitcoin may be imminent, especially once other central banks start easing to offset the collapse in the USD.

US economic calendar includes March Leading index at 10am. This week also includes manufacturing PMI, durable goods orders and University of Michigan sentiment. Fed speaker slate includes Goolsbee at 8:30am. This week also includes Jefferson, Harker, Kashkari, Barkin, Kugler, Musalem, Waller and Hammack

Market Snapshot

• S&P 500 mini -1.1%, 
• Nasdaq 100 mini -1.3%, 
• Russell 2000 mini -0.9%
• Stoxx Europe 600 -0.1%
• DAX -0.5%
• CAC 40 -0.6%
• 10-year Treasury yield +3 basis points at 4.36%
• VIX +3.2 points at 32.81
• Bloomberg Dollar Index -1% at 1212.42
• euro +1.5% at $1.1566
• WTI crude -2.7% at $62.94/barrel

Top Overnight News

• The dollar slumped on Monday (lowest level since December 2023) as investors responded to mounting uncertainty over US economic policy following Trump’s attacks on Federal Reserve chair Jay Powell. The moves came after Kevin Hassett, director of the National Economic Council, said Trump would “continue to study” the matter of dismissing Powell. The President had claimed on Thurs that he had the right to fire the Fed chair. FT
• Pete Hegseth shared sensitive plans about Yemen strikes in a Signal chat with his wife, brother and personal lawyer, the NYT reported. NYT
• China has warned countries against making trade deals with the U.S. that could hurt China’s interests, in response to news reports that said the Trump administration planned to pressure nations to limit trade with Beijing in exchange for tariff exemptions. WSJ
• China has stopped buying LNG from the US in the latest sign of economic decoupling between the two countries (Chinese purchases have been dwindling for months, but have now come to a complete halt). NYT
• In response to pressure from the Chinese government, Chinese state-backed funds are cutting off new investment in US private equity in the latest salvo against Trump’s trade war. FT
• Ukraine’s Volodymyr Zelenskiy accused Russia of violating a 30-hour truce and reiterated his proposal for an extension. BBG
• South Korea has found increased attempts to disguise foreign products as Korean exports, primarily from China, to avoid U.S. President Donald Trump’s sweeping tariffs, its customs agency said on Monday. The Korea Customs Service said it has found 29.5 billion won ($20.81 million) worth of violations related to country of origin from the first quarter, with U.S.-bound shipments accounting for 97% of the total, after a special probe last month. RTRS
• Japan’s PM Shigeru Ishiba said his country won’t concede to all US demands in levy talks. BBG
• Japan’s ruling party will today propose emergency measures in response to US tariffs, including loan support and boosting demand. The draft proposal criticizes the tariffs as undermining free trade.

US Event Calendar

• 10:00 am: Mar Leading Index, est. -0.5%, prior -0.3%

Central Banks:

• 8:30 am: Fed’s Goolsbee Appears on CNBC

Secretary of Defense Pete Hegseth is taking heavy fire once again. In what looks like a coordinated attack, Sunday brought a sensational new allegation of Hegseth violating operational security (OPSEC) ahead of the March 15 US strikes on Yemen, and an op-ed from a former Hegseth advocate calling for his removal over “total chaos at the Pentagon.” While it’s hard to discern motives in DC’s House of Cards intrigue, the renewed assault comes after Hegseth reportedly helped dissuade President Trump from launching Israel’s long-pursued US war on Iran. 

Last month, Hegseth found himself in the middle of a media and political firestorm after he unwittingly shared detailed information about pending US strikes on Yemen with Atlantic editor Jeffrey Goldberg — who was errantly added to a Signal group chat for top officials by national security advisor Mike Waltz . Hegseth didn’t do himself any favors by downplaying the report and attempting to obfuscate the facts of the scandal — for example, using wordplay to claim “nobody was texting war plans,” but rather minute-by-minute details of the attack. Goldberg’s inclusion aside, the use of a common smartphone app to discuss such sensitive details was controversial by itself, raising concerns not only about OPSEC, but also records retention. 

Fast-forward to Sunday, when a double-tap attack on Hegseth started with a New York Times report that Hegseth shared substantially identical, advance details about the March 15 strikes with a second Signal chat group, whose 13 members included his wife Jennifer, brother Phil and personal lawyer Tim Parlatore. Citing four sources familiar with this group chat and its contents, the Times reported that this group — labelled “Defense/Team Huddle” — was created by Hegseth himself, who accessed it with his private phone, not his government one.  

While his personal lawyer and brother have DOD jobs, neither seemingly had a “need to know” about the attacks. Hegseth appointed Parlatore as a Navy Reserve JAG Commander, with a focus on improving the training of JAG officers. Phil Hegseth is a DOD liaison with the Department of Homeland Security — a post that hardly suggests a need to know about the imminent strike, much less a timeline detailing that F-18s, MQ-9 Reaper drones and Tomahawk cruise missiles would be used. 

In other words, this scenario seems to indicate a Secretary of Defense excitedly and unjustifiably sharing inside info with his wife and confidants. Validating his confirmation-opponents’ attacks on his lack of experience, the decision seems consistent with a SecDef whose own top military rank was Major in the National Guard. Meanwhile, the Signal chat about Yemen isn’t the first time Jennifer Hegseth’s involvement in her husband’s job has raised eyebrows. Questions have also been raised over why Jennifer — a former Fox News producer with no DOD job — has participated in multiple meetings that covered sensitive topics, including one with the head of UK’s military to discuss terminating the sharing of intelligence with Ukraine. 

The second half of the weekend blitz against Hegseth came in the form of a Politico op-ed written by John Ullyot, a former champion of Hegseth who resigned from a Department of Defense public affairs role last month. He described the last month as “total chaos at the Pentagon,” saying that, given President Trump’s “strong record of holding his top officials to account…it’s hard to see Defense Secretary Pete Hegseth remaining in his role for much longer.” 

In addition to the poor OPSEC of “Signalgate” and Hegseth’s attempt to use a “vague, Clinton-esque non-denial denial” of the scandal, Hegseth focused on last week’s firing of three top Pentagon staffers: senior adviser Dan Caldwell, deputy chief of staff Darin Selnick and chief of staff Colin Carroll. Ullyot wrote that Hegseth loyalists “tried to smear the aides anonymously,” dishonestly accusing them of leaking sensitive information. “Hegseth’s team has developed a habit of spreading flat-out, easily debunked falsehoods anonymously about their colleagues on their way out the door,” wrote Ullyot. The “strange and baffling purge” is causing “disarray,” wrote Ullyot, who also called out the odd inclusion of Hegseth’s wife in sensitive meetings. 

“The president deserves better than the current mishegoss at the Pentagon,” concluded Ullyot. “Given his record of holding prior Cabinet leaders accountable, many in the secretary’s own inner circle will applaud quietly if Trump [fires Hegseth].” 

No matter how much credence you attach to substance of these attacks on Hegseth, it’s smart to consider the possible motives of those who are participating in them: the four people volunteering details about the newly-revealed Signal group chat, Hegseth cheerleader-turned-assailant John Ullyot, the New York Times, and especially Politico — an outlet with a record of advancing the Deep State agenda. (Never forget the Oct 19 2020 Politico headline: “Hunter Biden Story is Russian Disinfo, Dozens of Former Intel Officials Say.”)   

On one front, Hegseth is going all-out on behalf of the national security apparatus, joining Trump in a campaign to throw perhaps every dollar of DOGE savings into a Pentagon rathole in a bid to push the DOD budget beyond $1 trillion:

Thank you Mr. President!

COMING SOON: the first TRILLION dollar @DeptofDefense budget.

President @realDonaldTrump is rebuilding our military — and FAST.

(PS: we intend to spend every taxpayer dollar wisely — on lethality and readiness) pic.twitter.com/WcZlNAHgDG

— Pete Hegseth (@PeteHegseth) April 7, 2025

However, Hegseth may be an intolerable Deep State disappointment on a far more important front — failing to deliver the US war on Iran that’s been a decades-long ambition of the State of Israel and its American collaborators. Last week, the Times reported that Trump killed an Israeli proposal for a US-facilitated, week-long IDF bombing campaign on Iranian nuclear facilities in May, attributing the decision to key naysayers that included Hegseth, Vice President JD Vance, Director of National Intelligence Tulsi Gabbard, and White House Chief of Staff Susie Wiles. Contemplating the specter of such an attack sparking an all-out war, Trump opted to give diplomacy a chance. 

That’s the last thing many Deep State power brokers want.  

*  *  *

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Tesla has set its Q1 2025 earnings call for Tuesday, April 22, at 4:30 p.m. CT / 5:30 p.m. ET. As usual, the event will be livestreamed, with a recording available later on Tesla’s website. The Q1 Update Letter will be released after markets close that same day.

This quarter, as multiple Tesla blogs like Teslarati have pointed out, Tesla is also adding a new element: a “Company Update.”

For the first time, the term appeared in both its vehicle delivery report and on the company’s official X account.

“In addition to posting first quarter results, Tesla management will hold a live company update and question and answer webcast that day,” the company stated.

Speculation is growing that Tesla may use the update to reveal more about its upcoming projects, particularly the affordable EVs teased in its Q4 2024 report: “Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025…”

Tesla’s Q1 2025 earnings are expected to show a 4.4% decline in profit to $0.43 per share, with revenue holding steady at $21.45 billion, according to FactSet.

Analyst estimates range from $0.30 to $0.51 per share, but consensus has dropped over 40% since late 2024. Piper Sandler warned the results will “likely underwhelm,” with margins “probably trending near multiyear lows.”

There’s five things in particular investors will be looking for in this upcoming report and/or update, IBD noted this weekend.

Investor focus is shifting to Tesla’s promised robotaxi rollout. Musk has said paid rides would begin in Austin this June, but his past claims about autonomy have repeatedly fallen short. The latest FSD update shows modest progress, but it’s still far from viable as a robotaxi platform.

The Cybercab—unveiled last year as a two-seater without a steering wheel—is supposed to launch before 2027 at under $30,000.

However, Reuters recently reported that Trump’s 145% tariff on Chinese goods has halted key parts shipments, possibly delaying both the Cybercab and Semi. The Cybercab’s cost-saving “unboxed” manufacturing method also remains unproven.

Tesla’s long-teased affordable EV. Reports suggest the first lower-cost option may just be a simplified Model Y, possibly arriving in 2025 or 2026. 

Vehicle sales for Q1 fell 13% year-over-year to 336,681. Growth is expected to stagnate this year, with consensus forecasting a modest 3% increase in deliveries, though some analysts now expect fewer sales than in 2024.

China sales rose slightly but remain low-margin, while U.S. and European demand has been hit by Musk’s controversial public profile.

While Tesla’s exposure to Trump’s tariffs is limited compared to other automakers, it still relies on Chinese suppliers for battery components, including CATL and BYD. Investors will be watching for updates on how Tesla plans to respond to trade tensions and cost pressures.

Musk’s political involvement is also on watch. He has been rumored to be finishing his work with DOGE by May and people are watching for a potential full-time return to Tesla.

IBD adds that a March YouGov/Yahoo News poll found 67% of U.S. adults wouldn’t consider a Tesla, with 37% citing Musk as the reason. Wedbush analyst Dan Ives, a longtime bull, cut his Tesla price target by 40%, calling the situation a “perfect storm” and estimating Tesla has lost at least 10% of its future customer base—potentially more than 20% in Europe.

Demonstrations at dealerships and reports of vandalism continue. Musk is reportedly planning to leave his White House role, but no timeline has been confirmed. Investors will be listening for any update on his level of involvement moving forward.

Authored by Felicity Bradstock via OilPrice.com,

• The UK is expanding its wind energy capacity, particularly offshore, with the approval of the Rampion 2 project.

• The Rampion 2 expansion will add 1.2 GW of capacity, enough to power around 1 million UK homes.

• The UK government aims to quadruple its offshore wind capacity by 2030 as part of its net-zero carbon goals.

The U.K. is already a world leader in wind energy, having rapidly expanded both its onshore and offshore wind capacity over the last decade. Now, under the new Labour government, the U.K. hopes to expand its wind power sector even further through the massive expansion of the Rampion offshore wind farm. This is expected to help the government progress towards achieving its net-zero carbon ambitions. 

In 2023, 46.4 percent of the UK’s electricity was generated using renewable energy sources, of which wind energy contributed 61 percent. Around 39.7 percent of the U.K.’s wind energy is generated onshore and the remaining 60.3 offshore. The U.K. constructed its first commercial onshore wind farm in 1991, generating 1 GW of wind capacity. In 2024, the U.K.’s wind energy capacity increased to 30GW, double that of 2017. The U.K. has 11,906 turbines, with 9,141 onshore and 2,765 offshore, consisting of 10 floating and 2,755 fixed turbines. 

Approximately 32,000 people are employed in the U.K.’s offshore wind industry, a figure that is expected to increase to over 120,000 by 2030. The government also hopes to achieve 60 GW of wind capacity by the end of the decade, which could add as much as $58.5 billion to the economy. By the beginning of 2025, the U.K. had grown its offshore wind energy capacity to become the largest in Europe and second only to China, at 14 GW. 

In early April, the government approved plans to develop Rampion 2, an offshore wind farm with enough energy to power around 1 million U.K. homes. The expansion of the Rampion offshore wind farm, off England’s south coast, would include the addition of 90 turbines to add 1.2 GW of capacity. The project is expected to create 4,000 jobs during the construction phase, which is scheduled to commence in 2026. The government decision on the expansion was expected to be delivered in February but it has been delayed while more information is collected from the project’s developer. 

The wind farm is being developed by RWE as the majority shareholder (50.1 percent), a Macquarie-led consortium (25 percent), and Enbridge (24.9 percent). The electricity produced at Rampion will be transported to land via subsea cables. An underground cable will then deliver the power inland to a new substation at Oakendene near Cowfold before connecting it to the national grid at Bolney in Sussex. The wind farm is expected to be operational by the late 2020s. 

Danielle Lane, the director of offshore wind development U.K. and Ireland at RWE, stated, “We are delighted to receive the development consent order for the proposed Rampion 2 offshore wind farm. This is a key milestone in the development of the project, as Rampion 2 can play an important role in helping secure the U.K.’s energy supplies from our abundant wind resource and play a key role in supporting the U.K. government’s clean power ambitions.”

Since coming into power last July, the Labour government has gone full throttle on the deployment of green energy, with plans to double the U.K.’s onshore wind, triple its solar power, and quadruple its offshore wind power capacity by 2030. It has also announced plans to reduce the contribution of natural gas to the country’s electricity generation to just 5 percent by the end of the decade. Thanks to the development of a more friendly investment environment, in an event in October some of the world’s largest green energy companies pledged to invest almost $31.39 billion across the U.K., demonstrating that greater public investment in the sector is attracting higher levels of private financing. 

U.K. Energy Secretary Ed Miliband said, “The U.K. has a boundless supply of wind that cannot be turned on and off at the whims of dictators and petrostates. It’s time to get off the fossil fuel rollercoaster, roll out clean power, protect our energy security and bring down bills for good.” He added, “This project puts us within reach of our clean power offshore wind target,” Miliband said. “Through our plan for change, we’re getting on with delivering the clean energy and jobs Britain needs.”

Last year was a record year for wind energy production, with onshore and offshore projects producing 83 terawatt-hours (TWh) of electricity across Great Britain, an increase from almost 79 TWh in 2023. In around 10 days in December alone, over 50 percent of Britain’s electricity production came from wind. 

However, there are also less windy periods, where energy production is lower. This suggests the need for greater investment in battery storage technology to make the renewable energy source more reliable and help reduce the U.K.’s reliance on fossil fuels during low-production times.

The U.K. is already a major onshore and offshore producer of wind energy, having developed several projects over the last three decades. 

The approval of the new Rampion 2 project is expected to put the country on track to achieve its end-of-decade climate goals, by decarbonising its transmission network. 

This is one of many clean energy projects the Labour government has announced over the last eight months, with the ambitious green transition agenda expected to attract high levels of private funding in the sector.

Official economic data from any government is always treated with suspicion by anyone with common sense.  The US, for example, witnessed some of the most egregious statistical tinkering imaginable under the Biden Administration, not to mention outright lies and propaganda from the establishment media on the health of the economy.  To this day no one has been fired (or tarred and feathered) for hiding the reality of the stagflation crisis.  Any government or corporate economist that called the threat “transitory” should be stripped of their financial prestige and banished to a cash register at Arby’s.

And let’s not forget Biden’s misrepresentation of the labor market, portraying millions of new jobs for illegal migrants and visa holders as if they were jobs benefiting American citizens.  In the US and across the western world, lying about the economy is generally seen by politicians as a temporary solution to secure reelection.  However, in China, lying about the economy is treated as a national security imperative.  If there’s anything in the world that gives communists a feeling of existential dread, it’s the fear that their ideological enemies will discover proof that communism doesn’t work.

The Trump Administration’s tariffs on China are not the initiator of the nation’s troubles, they are more a bookend to a process of decline that has been ongoing for years. 

Overall tariffs on Chinese goods currently sit at 124%, but some goods will be taxed as high as 245%.  Trump has given a 1 month exemption on electronic parts and devices, perhaps to offer manufacturers like Apple, Nvidia and Microsoft time to arrange sourcing from alternative vendors.  The problem for Chinese manufacturers is not just the tariffs but the uncertainty of timing and sudden changes to policy.  They say no one is willing to make a big move on production or shipments until the trade landscape becomes more predictable.  This means most Chinese factories are frozen in stasis.

Trump’s tariff actions are widely criticized by the media as erratic or poorly planned, but what they don’t understand is that uncertainty is the real leverage, not the tariffs.  What seems like a spur of the moment decision or a sudden capitulation on Trump’s part can be highly effective at throwing foreign governments and corporations off balance.  Globalism requires a perpetual status quo, change of any kind is like holy water to a vampire.

Chinese shipments are on standby and orders are frozen.  Nothing is moving.

At bottom, China will not be able to survive tariffs on the current scale for long (a single year of 124% tariffs would crush China’s economy beyond repair).  The US is 15% of China’s export market, which may not sound substantial but their next largest trading partner (outside of Hong Kong) is Vietnam at 4% of exports.  In terms of domestic buying, China is 11% of the global consumer market which is not too shabby, but compared to the US with its 30%-35% global consumer market share there is no chance that the Chinese will be able to fill the void domestically and stay afloat.

But the situation is far worse than most people know…

China has been suffering from a deflationary crisis since 2023.  An uptick in exports during the pandemic was offset by the CCP’s draconian lockdowns.  This was, essentially, fiscal suicide on the part of the government and China has been struggling ever since.  Their property market has imploded, partially due to overbuilding through government subsidized infrastructure programs that flooded the market with poorly constructed homes and buildings that were then left to rot.  Corporate defaults have run rampant and left investors with nothing.

There was some optimism that the government’s measures to end the crisis had been working to reinvigorate the market, but on Mar 31st, government-linked developer Vanke reported a record 49.5 billion yuan (S$9.1 billion) annual loss for 2024.  It’s the company’s first full-year loss since its initial public offering in 1991, reigniting concerns about the sector and showing just how deep the problem runs.

When these projects do finally see some progress it is often due to dangerously poor construction standards and subpar workmanship; what many now refer to as “Tofu Dreg” buildings.

The deflationary spiral has been eating away at employment and has also resulted in numerous factories refusing to pay their workers on time (or at all).  Unpaid wages are leading to frequent protests and a disturbing trend of factory fires.  The government is limited in how it can respond to the problem.  Stimulus is an option, but China’s overall non-financial debt is well over 300% of GDP already. 

China’s attempts to hide the decay from the outside world are becoming less and less effective.  With Chinese citizens able to access the internet beyond the “Great Firewall”, more and more videos are being leaked by people within the country who are tired of the misinformation.  Again, the CCP views negative economic data as a national security threat and any citizen caught leaking this info could be subject to harsh punishment.  Chinese citizens have taken substantial risks to get the truth out there.  

It cannot be stressed enough that the global economy is largely a farce, but China is closest to the edge of the cliff in terms of consequences and crisis.  The interdependency of globalism has left many nations without the ability to weather a trade dispute and China’s survival is almost entirely based on steady exports to the west and the US in particular. 

Don’t let high paid TikTok and YouTube influencers fool you with videos of Chinese skyscrapers caked with LED lights or lavish parties with dancing robots.  This is not the true China.  Underneath the facade is a nation on the brink of disaster.